IL HB5231 | 2023-2024 | 103rd General Assembly

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Engrossed) [HTML]

Summary

Reinserts the provisions of the introduced bill, as amended by House Amendment No. 1, with the following changes. In the changes to the Residential Mortgage License Act of 1987 in provisions about shared appreciation agreement consumer counseling and disclosures, provides that, notwithstanding any provision in the Act to the contrary, before (rather than prior to) taking any legally binding action on a shared appreciation agreement, the borrower or borrowers shall be provided counseling (removing a cross-reference to a definition of counseling in the Residential Real Property Disclosure Act and a reference that the borrower or borrowers shall be provided counseling regardless of the county in which the property is located). Removes changes to the Residential Real Property Disclosure Act from the introduced bill, and further amends the Residential Real Property Disclosure Act by defining "counseling". Effective immediately.

Tracking Information

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Title

SHARED APPRECIATION AGREEMENTS

Sponsors


History

DateChamberAction
2025-01-07HouseSession Sine Die
2024-04-19HouseRule 19(a) / Re-referred to Rules Committee
2024-04-11HousePlaced on Calendar Order of 3rd Reading - Short Debate
2024-04-11HouseHouse Floor Amendment No. 2 Adopted
2024-04-11HouseSecond Reading - Short Debate
2024-03-20HouseHouse Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 011-000-000
2024-03-20HouseHouse Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee
2024-03-18HouseHouse Floor Amendment No. 2 Referred to Rules Committee
2024-03-18HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Margaret Croke
2024-03-13HousePlaced on Calendar 2nd Reading - Short Debate
2024-03-12HouseDo Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 012-000-000
2024-03-12HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote
2024-03-12HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
2024-03-04HouseHouse Committee Amendment No. 1 Referred to Rules Committee
2024-03-04HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Margaret Croke
2024-02-28HouseAssigned to Financial Institutions and Licensing Committee
2024-02-09HouseReferred to Rules Committee
2024-02-09HouseFirst Reading
2024-02-08HouseFiled with the Clerk by Rep. Margaret Croke

Code Citations

ChapterArticleSectionCitation TypeStatute Text
2056351-4Amended CodeCitation Text
2056355-12.5New CodeSee Bill Text
7657772Amended CodeCitation Text
7657773Amended CodeCitation Text

Illinois State Sources


Bill Comments

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